According to search data released by Google, the term “blockchain” has been made popular again. Yet, does blockchain truly live up to its hype? Here are four industries blockchain can transform for the better.
1. Supply Chain and Logistics Industry
Supply chain is no easy work. Many processes are involved to ensure the production and distribution of a single commodity, especially if the product is due to cross international borders. Depending on the nature of the product, the supply chain can involve various individuals and entities, piling up invoices into one walking disaster. Yet, not a single party of the chain will have the bigger picture as these processes are often opaque and undisclosed to external parties. Such opacity also makes it more difficult to detect illegal or illicit activities.
This is where blockchain steps in to transform the industry for the better. Blockchain is essentially a network of distributed digital ledgers that can be used for exchange, payments, agreements, contacts and tracking. Every ledger is transparent to the public and any transaction made on the blockchain is immutable and non tamperable with, making it the ideal tracking tool in the supply chain. More importantly, it ensures that procedures bearing different standards can work together.
2. Gaming Industry
As mentioned earlier, blockchain technology allows for true blue transparency and security. Games most often than not require players to collect virtual objects and items throughout their gameplay and sometimes, these items can be purchased with the game’s currency which is then paid with real cash through the Internet.
Without a central means of verification, players are more susceptible to virtual scams and frauds. One instance would be the popular multiplayer shooting game Fortnite. According to research by WIRED, a staggering figure of 4,770 live domains were used for scams this year. With blockchain technology, the millions that are benefitting scammers could be rewired for better use. Through smart contracts, non-fungible assets can represent rare collectible items in the game while guaranteeing their authenticity. Epic Games, the parent company behind Fortnite, apparently caught the memo, and announced its partnership with blockchain platform, The Abyss earlier this year to streamline their gaming platforms.
3. Remittance Industry
As the world becomes increasingly globalised, some people have chosen to work overseas away from their birth countries. This is where remittance comes into play. To put it simply, remittance refers to the international transfer of money from their country of residence back to someone in their country of birth. Currently, the remittance industry is estimated at $689 billion dollars. Yet, the remittance process often harbors high fees, have slow processing time, and are prone to fraud and embezzlement.
With the advancement of technology, however, alternative options are available such as blockchain technology. As the nature of blockchain technology is immutable (it cannot be tampered with) and transparent, it allows every party involved the opportunity to track the money being sent instead of relying on external parties for further information . More importantly, it negates the need for middle-men which reduces fees drastically, allowing it to be more affordable for the common worker. Sounds amazing, doesn’t it?
4. Investment Industry (Asset Tokenization)
One of the arguably best things blockchain has brought to the world is the possibility of asset tokenization.Traditionally, investments have been limited to the wealthy as high capital is required to get the journey started. However, by putting traditional investments on the blockchain and tokenizing them into fractions, it allows budding investors to purchase and own a fraction of the asset at a lower cost, granting greater access to a wider pool of investors. This process of tokenizing the asset is dubbed as asset tokenization.
Beyond increasing the existing pool of potential investors, putting traditional assets on the blockchain also has the additional benefit of expanding the scope of assets beyond the current investing market. For instance, it has now become possible to share the ownership of various types of assets. These assets include real estates and properties, objects like artworks, cars and minerals, intangible assets such as energy or electricity and precious metals like gold and silver.
Conclusion?
Blockchain and cryptocurrency have shot to fame in recent years. Utilized correctly, blockchain technology has the potential to change the current economic model and usher in a new age of efficiency, transparency, and immutability, especially in the areas of supply chain management, gaming, remittance services and investments.
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